HAL Holding/Royal Boskalis Westminster: Offer Launch & Precedent of Orange/Orange Belgium
This situation is similar to that of Orange/Orange Belgium, and there are grounds to believe that HAL will not sweeten the offer price. I would...
Orange/Orange Belgium: Offer Re-Opening
The shares are inexpensive (5.2x EV/Fwd EBITDA), and offer a 9.3% 21e EFCF yield. In the absence of further negotiations about offer price, TP...
Orange Belgium - Orange: Final Offer and Holdouts
Market seems to think there are grounds for an improved offer. It is difficult to think of Polygon tendering its stake as it would hurt its...
Contested Orange Plans to Takeout Orange Belgium
Activist investor Polygon has build a blocking position. LONG Orange Belgium, TP €35.13 (implied equity value across median multiple of comparable...
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